- Europe stocks rise but bond yield falls show investor caution (Reuters)
- Danger of Sell-Off in U.S. Stocks Grows as Auto Sales Disappoint (BBG)
- Battle Over Gorsuch Confirmation Is Set to Hit Senate Floor (WSJ)
- U.S. business seeks action, not trade war, in Xi-Trump summit (Reuters)
- Uncovering the Secret History of Wall Street’s Largest Oil Trade (BBG)
- Google Says Ex-Executive Built Driverless Business on the Side (WSJ)
- Thousands of Greek pensioners protest against cuts as more austerity looms (Reuters)
- GM Once Again Owns Corporate Aircraft (WSJ)
- U.S. Considers Far-Reaching Steps for ‘Extreme Vetting’ (WSJ)
- Greek Pensions Hot Potato Puts Tsipras in Bailout Tight Spot (BBG)
- China wary about U.S. missile system (Reuters)
- China’s Currency Takes a Twist Ahead of Trump-Xi Meeting (WSJ)
- It’s a Big Week for One of the Most Important Debates in Markets (BBG)
- Homeland Security announces steps against H1B visa fraud (Reuters)
- Fox News, Roger Ailes Hit With Another Sex-Harassment Suit (BBG)
- St. Petersburg metro blast suspect likely born in central Asia (Reuters)
- Manhattan Home Resales Rebound After Sellers Agree to Cut Prices (BBG)
- At Trump’s EPA, Less Science and More Industry (BBG)
- Trump signs repeal of U.S. broadband privacy rules (Reuters)
- House Republican tax chief to huddle with Democrats (Reuters)
- Massachusetts top court to hear case on illegal immigrant detention (Reuters)
- South Africa Cut to Junk for the First Time Since 2000 (BBG)
Overnight Media Digest
WSJ
- Boeing Co has struck additional deals with aircraft-seat makers, including one for a business-class line, in an effort to ease supply-chain logjams as it increases jetliner production. http://on.wsj.com/2nVZiHr
- Alphabet Inc's Google accused its former driverless-car executive Anthony Levandowski of quietly developing a competing company for more than three years before he left the internet giant and eventually sold the business to Uber Technologies Inc, according to legal documents released Monday. http://on.wsj.com/2nVUiCl
- Mylan NV was hit Monday with a lawsuit alleging the drug company overcharged EpiPen patients as part of an illegal scheme to secure sales. http://on.wsj.com/2nVQz80
- Shares in Imagination Technologies Group PLC fell as much as 70 percent in London trading on Monday after it disclosed that Apple Inc — its biggest customer — would stop using Imagination technology in the graphics processing units in its devices within 15 months to two years. http://on.wsj.com/2nVRsNG
- Tesla Inc, the upstart Silicon Valley electric-car maker run by Elon Musk, overtook Ford Motor Co , the automotive pioneer that is exactly 100 years older, as the second-largest U.S. auto maker by stock-market value on Monday. http://on.wsj.com/2nVPv3X
FT
- Standard Chartered will increase its threshold of investable client assets to $5 million from $2 million this year. The bank will concentrate on attracting families and people with at least $30 million in investable assets.
- Britain kept its position as the second most competitive tax regime worldwide, a KPMG survey of large businesses showed. Multinational companies headquartered outside of the UK were particularly concerned about Brexit, and have ranked Britain as the fifth best tax regime in Europe, down from first place last year.
- To block Lisbon's agreed sale of Portuguese lender Novo Banco to Lone Star, BlackRock and other international asset managers are seeking an injunction. The fund managers, stepping up a legal battle over losses sustained in 2015, said that “the rules governing the sales process are discriminatory and breach Portuguese and EU law.”
- Commons Brexit committee said British Prime Minister Theresa May's assertion that “no deal is better than a bad deal” was “unsubstantiated” because the government had not assessed the implications of such an outcome since the referendum last year. The conclusions of the report were strongly contested by pro-Leave MPs on the committee who claimed the report was "too gloomy" and biased.
NYT
- The Cowen Group said on Monday that it had agreed to acquire brokerage firm Convergex Group for $116 million as it looks to bolster its sales and trading business. http://nyti.ms/2nRcWdi
- Reckitt Benckiser Group Plc, the British consumer goods company, said on Monday that it would conduct a strategic review of its food business, which includes those products as well as ketchup, Worcestershire sauce and other condiments and flavorings. http://nyti.ms/2n5VO66
- A federal regulator on Monday ordered Wells Fargo & Co to pay $5.4 million to a former manager who said he was fired in 2010 after reporting to his supervisors and to a bank ethics hotline what he suspected was fraudulent behavior. The bank must also rehire him, the Labor Department's Occupational Safety and Health Administration said. http://nyti.ms/2oThBdE
- On Monday, Tesla Inc surpassed Ford Motor Co in market value for the first time and moved within striking distance of General Motors Co, starkly illustrating the growing gap in investors' optimism over its future versus the prospects for the traditional carmakers from Detroit. http://nyti.ms/2n67buQ
- With the headline "¡Adios!" in large type emblazoned across its front page, a newspaper in Ciudad Juarez, Mexico, announced on Sunday that it was shutting down after nearly 30 years after three journalists from other news organizations were killed last month. http://nyti.ms/2o46cdZ
Canada
THE GLOBE AND MAIL
** A judge has cleared the way for random testing of most Toronto Transit Commission employees, accepting evidence that "there is a demonstrated workplace drug and alcohol problem at the TTC which is currently hard to detect and verify."https://tgam.ca/2oE23LT
** Canada remains far from formally discussing an extradition treaty with China, the new ambassador to Beijing says. https://tgam.ca/2oE7xpG
NATIONAL POST
** As Rogers Communications Inc prepares to welcome a new CEO in July, changes are afoot in the top echelons with two senior executives' departures announced within two months. http://bit.ly/2oE1a5G
** Opposition members were just settling in for the fifth day of their filibuster when they discovered that the committee examining the Liberal government's suggested changes to the standing orders had been suspended. http://bit.ly/2oE2l5b
** Montreal-based SNC-Lavalin Group Inc confirmed on Monday that it is currently in talks with WS Atkins PLC in a deal valued at roughly C$3.5 billion ($2.61 billion). http://bit.ly/2oE2BRH
Britain
The Times
Apple Inc launched a hiring raid on Imagination Technologies Group Plc in the months before it shocked the City on Monday by announcing that it planned to cut ties with the chip designer. http://bit.ly/2nVcUm1
The groceries code adjudicator has said that she believes Tesco Plc's proposed 3.7 billion pound ($4.62 billion) takeover of Booker Group Plc could be "positive" for independent shopkeepers and suppliers.
The Guardian
The head of the International Monetary Fund has issued a stark warning that living standards will fall around the world unless governments take urgent action to increase productivity by investing in education, cutting red tape and incentivising research and development. http://bit.ly/2nV2ink
Lloyds Banking Group Plc is to shrink the size of hundreds of its branches so they have only two staff with tablet computers helping customers. http://bit.ly/2nUZdDK
The Telegraph
A potential bidding war could be in prospect after British engineering giant WS Atkins Plc received a 2.1 billion pound bid from Canadian rival SNC-Lavalin Group Inc just two months after it rebuffed overtures from with U.S. rival CH2M Hill. http://bit.ly/2nVensx
Amazon.com Inc has launched a new service to help it enter the business-to-business supply market in UK. The company's Amazon Business brand, which has already been launched in the United States and Germany, will offer companies a specially curated selection of products online ranging from office stationery supplies to industrial tools. http://bit.ly/2nV3KpG
Sky News
BP Plc has agreed to slash millions of pounds from its chief executive's maximum pay deal for the next three years in a bid to head off the threat of a fresh shareholder revolt. http://bit.ly/2nV1yhO
New rules governing the credit card market could see customers having their cards suspended while they work to pay off persistent debt. The changes suggested by the Financial Conduct Authority call on firms to take a more proactive approach with struggling customers. http://bit.ly/2nUXMVK
The Independent
Chemicals giant Ineos has been accused of exploiting Brexit to pressure ministers to get rid of environmental legislation. http://ind.pn/2nUYiTG